New York Real Estate

Property management is an ever growing need as more and more people are now opting out of buying homes due to aspects such as the increase in mortgage prices. Renting is now becoming the more popular way of gaining property. It is because of the fact that more of us are now renting property that that need for property management has grown so much. It should be noted that property management requires time, intelligence and good attention to detail as well as management qualifications.

Property management is the job of looking after the properties that people rent out. This is the same for residential and commercial property. Whatever type of property you have as long as you are renting it; you will be able to get the help of property a management team.

Property management companies have the responsibility to deal with multiple responsibilities and aspects of the management and ownership of real estate. The duties of a property management company is to negotiate and stabilise a relationship between the landlord and tenant. The duties performed by a property management company are pretty much the same if your property is a residential or commercial but here we are mainly going to be looking at commercial property. Whether your property is an office block, a retail store or a bar/restaurant the duties that a property management team will perform for you are:

o Collecting rent

o Handle your letting

o Asses potential tenants

o Administration services

o Maintenance of the property

Commercial property management is an essential aspect of the property market if you want to increase the appeal or value of your property. It will allow you to get on with your renting business while the management company gets on with the day-to-day running. The extent of the service that is provided by a property management team is as flexible as you want it to be; it can be used as much as you need it to be.

A professional commercial property management service maintains and raises the level of occupancy, which enables a steady income. This is because a property management company keeps your commercial property in good condition in order to bring in business for the landlord. Your commercial property needs good curb appeal. This is achieved through keeping the structure, landscape and parking elements of the property in a clean and welcoming condition.

Your commercial property needs to be kept in good condition in order to attract customers to use your business. You need to ensure that your property is in good condition to attract businesses to set up shop within your property.

If you have invested within the property market then you will want to ensure that you are getting the most from your investment, which is where commercial property management can help you. By keeping a well run and well maintained property you will generate interest within your business and therefore attract more custom.

If you would like more information about what a commercial property management team could do for you get in touch with an expert company today.

By: Helen Cox

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Once an International Business Corporation is formed, it requires a fool proof plan to protect its wealth and properties. This wealth may be in the form of cash, marketable securities and liquid assets. For protection, these assets can ideally be transferred to a Trust that is formed after consulting a law firm that is well versed in local law. In legal terms, ‘A trust is the right, enforceable solely in equity to the beneficial enjoyment of which another holds the legal title’.

It is now customary to form an Asset Protection Trust in a foreign jurisdiction which amounts to infinite protection of the properties of the offshore enterprise. Once the assets are assigned to a trust, creditors cannot retrieve them directly from the trust simply because that which is not in the name of the debtor cannot be retrieved from him.

Such an offshore trust is called an FAPT [Foreign Asset Protection Trust]. By virtue of being formed in an offshore jurisdiction it enjoys legitimate immunity from specific law procedures and is designed to ward off unnecessary and wealth depleting interference from the original area of business [unlike the offshore haven]. Even the law courts in the offshore jurisdictions are inclined to protect the Corporation in its haven, or else the raison d’etre of an offshore unit is lost.

Thus, indemnity from being forced to pay off creditors from the quantum of the Offshore Corporation’s wealth has made off shore Trusts a sure shot method of Property Protection and most tax havens are in the running to provide more and more debtor friendly regulations with a view to attracting more and more companies to avail of the haven provided by their respective jurisdictions.

By: Amit Salkar

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Property rental is one of the best ways to make a short term income from your long term investment. And the more properties you own, the more demands on your time you’ll have. That’s where property management software can release you from this burden. Read on to find out why we believe that property management software can really benefit landlords:

ONE: Automate Tasks

Save time and the repetition of boring tasks by automating as much of the financial side of the letting process as possible. Allow the property management software to take the dull and time consuming tasks and automatically perform them while you work or sleep! When those tasks are automated, you’ll find renting your property a piece of cake.

TWO: Keep Accurate Records

Renting a property is a form of income and you must keep adequate records of all payments that you receive from the rental of your property. Property management software will keep your records accurate and accessible at a moment’s notice. All this offers a stress-free approach to bookkeeping for your business.

THREE: Identify Tax Deductibles

Identify where the money you have spent on renting the property can be deducted from the income you are earning by renting them. By seeing a clear picture of your income and expenditure, you’ll be able to adjust your spending and manage your rental prices to ensure that your properties are offering you the most competitive income possible.

FOUR: Keep Track of Payments and Rent Arrears

With multiple properties, it may be a bind to keep track of all the rent payments and difficult to stay on top of things if the unfortunate situation of rent arrears occurs. Track every aspect of the financial side of your property rentals effortlessly.

FIVE: A Slick Portfolio for Property Investors

Using property management software, you can take a broad overview of your portfolio of property investments. Quickly access any information that you need to keep a close eye on your investments.

SIX: Produce Reports

Property Management software will easily produce reports without spending hours at the computer. Simply hit a button and wait for the printer to whirr, quickly you’ll be able to take away your property rental reports to make future property investment decisions upon.

SEVEN: Compare Properties

Without great property software, you may struggle to see which of your properties is making you or losing you money. Which property causes you the most problems? Is it time to sell a property that’s always costing you money? Are you letting properties for less than they are worth? By using software, you’ll get to see the big picture.

Let Property Bookwork help you to run the financial aspects of managing your property with our unrivalled property management software designed for landlords, accountants and bookkeepers.

By: Gail Nelson

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Deciding to rent out your home can be a difficult one. Whether you are doing it for practical reasons or for financial ones, there are a lot of emotional, intellectual and financial things to consider. Fortunately, you don’t have to go through the process by yourself. Its nice to know that you can have all the help, advice and support you will need to make the whole experience a little easier.

For help, the first call you should make is to a qualified and professional property management firm. These firms employ people who are knowledgeable about the Denver area, but more importantly, they are also sensitive to your needs and to just how difficult this type of decision can be. They specialize in working within the rental industry which means that they are extremely familiar with the ins and out of making sure that the best and only the best rentals are made available. After meeting with you, they will intuitively grasp your needs are and will target, advertize and market your home accordingly.

A property manager will also be there to fully explain the process to you. They can initialize it from the beginning and carry it through until you find the perfect tenant or they can actually manage the whole process on your behalf and act as the intermediary between you and the tenant. T his means that they will be responsible for the “one stop shopping” type of service. They screen your tenants, ensure the lease is signed, arrange for maid service and snow removal. They will act as resource person for the tenant and they will make sure that your home is kept in tip top shape by ensuring a vigilant eye towards any and all maintenance that needs to be done.

In short, the property management firm will act as your right hand person. You don’t have to worry about anything and you will have a few things less to worry about. If you are feeling overwhelmed about renting out your home or if you simply prefer to leave someone else with the responsibility of taking care of the process, then don’t hesitate to look through the qualified Denver property management firms. You will be happy that you did.

By: Tina Avon

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As your rental property business grows, so does the need for a property management software system. Historically it has been the desire for more in-depth financial information that drives a property manager or landlord to abandon simple accounting software for property management software.

Today it is more important than ever for all property managers to use the same type of web based property management software as the larger asset management companies. There is more pressure to find reliable, rent paying tenants, with the possibility of an increased need for tenant debt collections, and the ever-looming threat of tenant landlord litigation.

Even with the best market outlook, the need to screen your prospective tenants is the top priority. Today’s online tenant credit screening services allow you to access credit and criminal background information in minutes. With an integrated system, tenant screening information is automatically downloaded into your residential property management database. Later, you can review tenant payment history and property maintenance history and make smart decisions about lease management.

Providing tenants with online rent payment options, such as ACH or credit cards, helps to lower delinquencies and keep rental income at its optimum level. With integrated rental property management software, electronic rent payments reduce accounting errors and data entry, and trips to the bank. Automatic scheduled rent payments ensure that rent is received on time and eliminate past due balances.

With bad debt potentially on the rise, automated tenant debt collection services will also prove invaluable to property managers and landlords. The best property management softwares offer integrated access to national debt collections companies. These are the same programs that larger apartment management companies have been using for years.

Of course, some of these online property management services are available separately. Yet integrating all of these tools with one point of data entry can protect you from another, even more alarming threat-tenant landlord litigation. No matter how unjustified, the mere whisper of a lawsuit is enough to terrify any property manager. While litigation is a serious concern for real estate firms of all sizes, it can be particularly frightening for the small property management company which lacks the legal team of a regional or national real estate management firm.

Tenant credit screening services provide a valuable resource by providing a consistent, accepted process for making the best decisions. When you use quantitative tools for rejecting a tenant, you can be more confident in the leasing decisions you make. More importantly, having one database will help ensure all rental application data is captured and no mistakes are made.

What about cost? Historically cost has been a barrier to this type of software used by larger companies; today the web makes access to new online solutions much more cost effective. In many cases these online services, as well as services like internet listings and electronic rent payments, can be included in one low monthly fee. Hardware, server, upgrades, extra licenses, and other costs are eliminated as well, leading to considerable cost and time savings.

As the internet has been the great leveler across many industries, all rental property managers can now afford the property management accounting software that larger real estate management companies have been using for decades. The affordability of web based software is a trend with a positive impact on all professional property managers and owners. Property management systems no longer have to be reserved for the larger companies with deep pockets. They can be used by anyone with a computer and an internet connection who wants to protect their real estate investment.

By: Alison Cavano

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Denver’s housing market is growing steadily and shows definite signs of recovery. This is good news for you homeowners who may have to leave the area, be it temporarily or permanently, but are not willing to sell your home quite yet. Maybe the value of your home is not yet at a level that you are comfortable with or maybe you just can’t quite seem to let go of the memories yet, regardless of the reasons, if you intend to keep your house, but would like to find a safe and professional manner of receiving some revenue while you are away, then you should definitely consider working with a qualified Denver property manager.

Perhaps you are a little unfamiliar with the concept? Basically, a reputable and knowledgeable property management firm will take on the responsibility of advertising, showing your property, screening prospective tenants, collecting the rent, inspecting your property, ensuring that maid service and snow removal services are available and will also make sure that your home is well taken care of and that the maintenance is up to date.

These are the services that are offered to you. However, you, as the homeowners, have the flexibility of picking and choosing the services that you require. The goal of the property manager is to help you find the right tenant for you, but also to facilitate and make the selection process as painless and smooth as possible.

You might consider enlisting our services for the “front end” part of the process. The property manager will market your home, screen the candidates and do credit and background checks. We then recommend the best possible candidate. Once they sign the lease directly with you, the business relationship is ended.

However, if you are planning on leaving Denver completely, you may consider the second option which is for the property manager to manage the process from beginning to end and to continue the monitoring process over the long term. The company would be responsible for putting the property on the market, for screening all applicants and doing credit and background checks. They would handle all the legalities such as signing the lease and they would be the contact person in case any issues of questions arise. They would also manage your property, collect the rent (and send you the proceeds) and make sure that your house is well maintained. They can also renegotiate any rental renewals on your behalf.

Renting out your home can be an emotionally difficult thing to do, so why not enlist the help of caring and trained professionals to make the transition a little easier?

http://www.denvercohomerentals.com

By: Tina Avon

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If you are interested in earning through a rental property business, you might want to consider hiring a property management firm. New investors want to believe that they can do just about everything and in the process saves money on hiring a property management company. However, they can sometimes get overwhelmed easily and their exciting undertaking turns into more and more work than what they expect. Property management companies will do all the tasks for you. If you are planning to hire a property manager, you might be interested to consider the following:

1. Make sure to inquire of their fees. The national average for fees is about forty percent of the income on large properties. Nevertheless, this can be a good deal for single-family homes. Be sure to understand the payment schedule, fee and upfront services before signing a contract and handing over the money. Consult on direct withdrawal from your checking account. Streamlining the business is the best way to ensure that you are using your time on the right things.

2. Be sure to inquire what other types of properties the company managed and the address. This way you can drive by and observe the kind of outdoor work they provide. You might want to ask who will actually be handling your property and talk directly to that person. Make sure this person has experience and can present you proof for it.

3. Inquire of the types of advertising they use and find out if they place ads online, on newspapers, magazines or television and the cost of advertising. Make sure you know the normal cleaning fee for a vacancy and how much time it takes to prepare the place.

4. Find out if the management company works closely with others and ensures that everybody in the organization is aware of their tasks. Even a little complex can become difficult to run and may cause problems for those who are not familiar with the procedures.

5. The property management company should be able to assist you overcome all difficulties and challenges you have to face and are a part of the rental property business.

6. Consider a management company that is trustworthy to keep your business reputable. Do not hire a heavy-handed company and will likely turn your tenants against you. Look for a company that has a reputation of collecting money effectively with lesser fuss.

You should be aware that managing a property by itself is next to nothing if the property cannot be worked upon. You have to find a property management company that knows how to maintain and keep a building in good condition. If the company does not know how to preserve your rental property, then you should find another company who can.

By: Sonia C Llesol

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Property companies can take the hassle out of renting in a big way. When you’re first getting started renting property, I personally would recommend that you manage your property because doing it yourself saves you money that you would normally pay a property management company.

Managing your properties yourself teaches you the ins and outs of dealing with property. This way, you’ll better understand what the management company can offer in the future, if you choose to use one. You’ll most likely start off renting one or two units which are manageable number of properties.

Managing property is really about having a list of people who do different tasks, such as plumbing, electrical work, and yard maintenance. When there’s a problem, you simply call a repair person and make sure the problem gets fixed.

What if you do change your mind and want to hire a property company. What they do in your best interest is screen potential tenants and arrange for routine maintenance on the property. Property management companies want reliable tenants who plan to stay a long time, because that means more money for them and less time spent looking for new tenants and losing money through vacancies.

Property management companies also provides a point of contact for your tenants and when you go on vocations or travel, you’ll need to find someone to manage your properties in your absence.

If you don’t want the hassle of dealing with tenants yourself, or you live too far away from your rental property to make it convenient for you to manage the property personally, consider hiring a company to screen prospective tenants, collect rent, and arrange for the maintenance of the property.

To work with a good property management company, check out similar properties that appear well run. Ask tenants whether they are satisfied. Call the owners and ask them how satisfied they are with the management company. Then ask for the name of the property manager.

Remember, having a dependable property manager can be nearly as important as having dependable tenants. A well managed property will make money for everyone involved, which can free up your time to do something else.

By: Colon Bolden

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Kansieo.com

Whether you just got hired as a property manager in Manhattan, or you are a home owner looking to remodel, you are now in the same situation that any property manager is… getting the right contractor.

Before looking through the yellow pages, start with asking your family, friends and neighbors. People who have already gone through the whole process that are giving a recommendation put you way ahead of the game. Even if the project was totally different, if the company claims to do the type of work you’re looking for, it’s worth meeting them. Just make sure you have references from the company of similar work that was done.

A friend of mine who is a property manager in N.Y. gets ideas of who to hire by speaking to people in the inspection department. They know who is reliable, and more importantly, they know the guys who are guilty of shoddy work. If you know anyone with a property management company, ask them. Property managers (like me) are always hiring contractors, and we don’t want to have to do the job twice, and we certainly don’t want to overpay. Don’t forget to check with the better business bureau (BBB) for complaints about the contractor.

You should be interviewing at least two different contractors. The prices and quality of work from one contractor to another can have a far range, and you will have to weigh both of these factors carefully before making your decision. Getting the company that puts in the lowest bid might not work to your advantage if you wind up with inferior materials. On the other hand, you really don’t need gold edging on your Jacuzzi.

Finally, you want to make sure that the contractors are licensed and insured. If they don’t have a license, you will have a problem when inspection time comes, especially in New York. Even if there is no inspection, a rule of the thumb is if someone is really serious about their work, they will take out the time to get a license. More important is the insurance. Without insurance, you are the one who liable if anything unfortunate happens.

Here is the most important part of the hiring a contracting company, the contract. When things are not spelled out clearly, they have a habbit of winding up in court. A clear, concise contract can save you allot of heartache.

You should have the project written up in detail. What type of moldings, what grade of paint, etc. What are the start and completion dates. It’s prudent to think ahead when defining contractor responsibilities. Besides the quality of paint, how are they applying it to the surface? Are they stripping with chemicals (and then you have to move out for three days), or using sanding equipment with a hepa vacuum filter? Another issue is getting a lien release. You want your contractor to furnish you with one so that hi suppliers can’t take you to court if he doesn’t pay his bills. And make sure both parties have an agreement regarding who has to take care of the permit costs. New York City permit fees can run high.

When you finally have agreed on terms, you will have to give a down payment. You shouldn’t have to pay more than half, and depending on the job, one third is sometimes sufficient.

One more thing, no matter what type of promises you get, don’t release that final payment until all work is completed.

By: Jacob Eisenstein

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